Venezuela's political crisis is making itself felt in the US downstream,with Gulf Coast refiners scrambling to replace Venezuelan heavy crude supplies after President Donald Trump imposed sanctions on state-owned Petroleos de Venezuela(PDVSA)(EIF Feb.6'19).Venezuela's woes have been especially problematic for Houston-based Citgo,a US refining and marketing company which has been wholly owned by PDVSA since 1990.The company now finds itself caught up in a messy dispute between two men who each claim to be Venezuela's leader.Uncertainty over Citgo's future threatens to restrict the company's access to financing and could hamper its operations down the road.
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